Asian Development Bank says Philippine economy to grow by 6.5 percent

 
445

MANILA Sept 28 (TNS): The Asian Development Bank (ADB) predicts the Philippine economy will grow 6.5 percent this year as robust domestic demand, including higher public investments in infrastructure and the government’s socioeconomic agenda-push growth higher.

In an updated Asian Development Outlook (ADO) 2017, the Manila-based bank said infrastructure, social programs and tax reforms that the government will implement will help fuel the country’s economy.

ADB said the Philippine gross domestic product (GDP) is expected to rise from the 6.4 percent in April forecast to 6.5 percent. GDP growth in 2018 will accelerate to 6.7 percent through increased public investment and household consumption.

“The concerted effort by the Philippine government to improve public project implementation is bearing fruit, as public investment programs help drive continued economic expansion,” said Richard Bolt, ADB country director for the Philippines.

“A strong focus on infrastructure investment and implementation of tax reform will see the country continue its growth momentum through 2018,” he added. The Philippine economy expanded by 6.4 percent in the first half of 2017.